8th Nov ’23 - Nifty hits the resistance, Going Neutral now
Nifty Analysis
Recap from yesterday: “For tomorrow, I wish to change my stance to neutral if 19446 is not getting broken in the opening 2 hours. I would love to go bearish if 19310 support is broken”
The encircled areas on the chart represent the period when 19446 resistance was in play. The open was right at that zone, then we spent 09.55 to 10.25 around those levels. We took a minor dip, but nothing impressive to retest the 19310 levels.
Then we picked up some momentum and went past the 19446 resistance by 13.10 only to be pulled back by 14.15. Then we hovered around those levels again in the last 30mts only to close marginally below.
There are 2 ways to look at things now.
Either the retracement from 26th Oct has stalled and a lower high is getting formed, wherein further moves will be downside
Nifty is just taking a pause to catch its breath and further propel upside.
Unfortunately, I am unable to comment with confidence on the direction right away.
In line with yesterday’s research, I have changed my stance from bullish to neutral. To go long not only Nifty has to break through the 19446 barrier but trade above 19561 levels. Whereas to go short, a break below 19310 would be enough.
Recap from yesterday: “For tomorrow, I wish to change my stance to neutral if 19446 is not getting broken in the opening 2 hours. I would love to go bearish if 19310 support is broken”
The encircled areas on the chart represent the period when 19446 resistance was in play. The open was right at that zone, then we spent 09.55 to 10.25 around those levels. We took a minor dip, but nothing impressive to retest the 19310 levels.
Then we picked up some momentum and went past the 19446 resistance by 13.10 only to be pulled back by 14.15. Then we hovered around those levels again in the last 30mts only to close marginally below.
There are 2 ways to look at things now.
Either the retracement from 26th Oct has stalled and a lower high is getting formed, wherein further moves will be downside
Nifty is just taking a pause to catch its breath and further propel upside.
Unfortunately, I am unable to comment with confidence on the direction right away.
In line with yesterday’s research, I have changed my stance from bullish to neutral. To go long not only Nifty has to break through the 19446 barrier but trade above 19561 levels. Whereas to go short, a break below 19310 would be enough.
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